RESIGNATIONS TENDERED Sample Clauses

RESIGNATIONS TENDERED. Each designee shall have signed and delivered to Summit, and Summit shall have provided copies to OrCAD, of that designee's resignation from the Board of Directors of Summit, effective immediately prior to the vote of the shareholders of Summit at the first annual meeting of Summit following the Effective Time. Further, if any member of the Board of Summit as of the date of the Agreement is not a Summit designee and has not already resigned from the Summit Board, Summit shall have received, and delivered copies to OrCAD of, the resignations from the Summit Board of Directors of each such member, to be effective on or before the Effective Time. At Closing, the following steps shall have taken place: SUMMIT NOMINATIONS: The President and Chief Executive Officer of Summit shall have nominated two outside members of the post-Closing Summit Board of Directors to serve on the Board Nominating Committee and two members of the post-Closing Summit Board of Directors to serve on the Merger Oversight Committee.